Many workers in the greater Los Angeles areas gladly accept the opportunity to earn overtime when their employers offer it to them. Many others eagerly await, and sometimes even expect, periodic performance bonuses and other extra payments employers customarily give during holidays or even just because. Among executives and other high earners, these bonuses can be significant, frequently being worth tens or even hundreds of thousands of dollars.
Many of the wealthiest residents of Los Angeles and the rest of Southern California are so precisely because they are self-employed. While many people who go into business for themselves have a rough go with it at the outset, once a business takes off and succeeds, a Californian can do very well indeed.
Like other states, California has Child Support Guidelines in place, and judges are supposed to use the formula prescribed in these Guidelines to calculate a parent's child support obligation.
Courts in California will almost inevitably order one parent to pay child support when a divorcing or separating couple has children in common. In many cases, following a divorce or separation, a court will also order one party to pay spousal support or alimony to the other party.
This blog has previously discussed how a Los Angeles resident can get his child support modified. Sometimes, a change in child support is very important for a parent, as it could mean the difference between relative financial security and real economic hardship.
The tax reform which was big news at the beginning of the year, among other things, made important changes to the way spousal support, which is sometimes referred to as alimony, will be treated for federal income tax purposes.
Many couples in the Los Angeles area who live apart may come to an agreement about their custody and parenting time plans before they ever see the inside of a courtroom, while a handful will ultimately have a judge make such decisions for them.
Most people in Los Angeles probably equate their income with salaries of themselves and their spouses or significant others. However, there are many people who get income in a variety of other ways, such as from investments, retirement plans and profit from one's own business.
It is becoming more common and socially acceptable these days for unmarried couples to live together. While this generally does not pose much of an issue in a couple's daily lives, cohabitation could have a significant impact on them if one partner is receiving spousal support from a previous marriage.
When a person in California divorces, their life changes dramatically. This is particularly true when it comes to finances. Not only will they have to adjust to living on a single income, but they may be ordered to pay (or receive) child support, spousal support or both. However, life is rarely static, and a support order that worked when the parties first divorced may not work years down the road. When this happens, either party may seek to modify the current support order.